The Dutch company Hanocal sought international arbitration to demand more than 240 billion won ($205 million) in compensation for what it claimed as extra taxes it had paid to the South Korean government.
While the South Korean government is facing its second international arbitration under the investor-state dispute settlement system, civic groups are demanding that the details should be made public as they could cost several billion dollars of taxpayers’ money.
An international tribunal began hearing a multi-billion dollar case Friday that the US private equity firm Lone Star filed against South Korea’s government over tax and other disputes surrounding its asset sell-offs in Korea.
An international tribunal will begin hearing a multi-billion dollar case this week that the US private equity firm Lone Star filed against South Korea’s government over tax and other disputes surrounding its asset sell-offs in Korea.
V.V. Veeder, a British national, has been appointed as the presiding arbitrator for a $4.7 billion international litigation between the Korean government and Dallas-based Lone Star Funds, sources said Tuesday.
A former top financial official who advocated for Korea Exchange Bank’s breakaway from Lone Star has taken up a position in a law firm that represents the US buyout firm at a time when the firm is suing the Korean government for $4.6 billion in an investor-state dispute.